Oil down 1% on continued concerns over USA output

"A falling rig count and the strong employment data may have helped support prices", NAN quoted William O'Loughlin, investment analyst at Rivkin Securities, to have said.

Traders are saying the early price action was related to a drop in the number U.S. rigs drilling for more production and Friday's robust U.S. Non-Farm Payrolls report, which could lead to increased demand.

The great thing about so many conflicting predictions within the analytical community about the crude market is that no matter what happens, a good portion of that community will be proven correct: and so on Monday those who anxious about the impact of rising US shale output were vindicated by a 1.1 percent drop in West Texas Intermediate, the result of speculators cutting bullish bets on oil. West Texas Intermediate, the USA benchmark for the price of oil, was down 0.6 percent to $61.67 per barrel.

WTI settled down 68 cents to $61.36 per barrel while Brent fell 50 cents to $64.99 per barrel.

Brent sweet crude traded at $65.70 per barrel on Monday, an increase of 21 cents or 0.3 percent from its previous close.

According to Baker Hughes energy services firm, United States energy companies cut oil rigs for the first time in nearly two months, with drillers cutting back four rigs, to 796.

Singapore-based brokerage Phillip Futures said that the oil market "will focus on OPEC and IEA (monthly) reports this week for a sensing on global demand/supply levels for crude oil" and that "items in focus will include OECD commercial stock levels, revision in global demand and supply for crude oil and OPEC's compliance on production levels".

Oil prices shot up more than 3 percent in Friday trading after oil and gas services company Baker Hughes reported a dip in rig activity in North America. Only Russia pumps more, at almost 11 million bpd.

The Organization of the Petroleum Exporting Countries (OPEC), together with other producers, has been limiting production since the start of 2017 to prop up prices.

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